Four routes to funding — Express to Live, Fundamental, Premium and the 10K Challenge, with splits to 100%.
GibraltarTrading Platforms
Rtrader Pro
Sierra Chart
Quantower
ATAS
Bookmap
MotiveWave
DeepCharts
NinjaTrader
Tradovate
TradingViewPayout Methods
RiseworksAbout Phidias Prop Firm
Phidias Prop Firm is a futures prop firm registered in Gibraltar, trading since September 2023 under CEO Florian Brender. It holds on Trustpilot from reviews. Four routes run side by side — Express to Live, Fundamental, Premium and the 10K Drawdown Challenge — and they are not variations on a theme. They differ on drawdown type, on whether you can hold overnight, on how the split works and on whether a real live account is automatic or discretionary. Choosing the wrong one costs more here than choosing the wrong size, and because Phidias refunds nothing under any circumstances, it is a mistake you cannot undo. That combination — a well-built product behind strict, unforgiving terms — is what sits behind a mid-3s rating across reviews.
The thing that sets Phidias apart from the American futures firms is the destination. Most of the category pays you from a simulated account indefinitely. Phidias treats the funded Cash account as a waypoint and routes traders to a genuine live account at Dorman Trading through Sweet Futures, with your own balance and exchange margin behind it. Express to Live gets there automatically. Fundamental and Premium get there at the firm’s discretion.
Code GUIDE is applied to the prices in the table above. Every route except the Challenge is sold two ways: a one-time payment, or a cheaper monthly evaluation that adds a lifetime activation fee once you pass. The table shows the second, because it is the cheaper way in. Activation runs $83 on an Express 25K and $149 to $169 everywhere else, paid once per account with nothing recurring after it.
Drawdown type is the first fork. Express to Live runs a static drawdown that never moves — $500 on a 25K up to $1,000 on a 150K — so your liquidation level is a fixed number you can write on a sticky note. Fundamental and Premium run an end-of-day trailing drawdown of $2,500, $3,000 or $4,500 measured on balance, not equity, which pulls your floor up behind every profitable close until the account reaches start plus $100.
Phidias is unusually clear about how the trail behaves inside a session, and it works in your favour. Your liquidation price is fixed for the whole day. Start a 50K at $50,000 with a $47,500 floor, make $1,000 by lunchtime, and the floor stays at $47,500 — so you can lose $3,500 from the high without breaching. The adjustment only happens at the close, and only on realised profit.
Overnight holding is the second fork, and it is the reason Premium exists. Express to Live and Fundamental are both flat-by-close, and Fundamental enforces it hard: every position must be closed before the 60-minute CME Globex break at 21:59 UTC, and missing that deadline disqualifies the account outright. Premium allows overnight and over-week positions. If you trade a swing timeframe there is exactly one Phidias program for you, and it is the expensive one.
The split is the third. Express to Live and Fundamental pay a flat 80/20. Premium pays a progressive split that starts at 75/25 and improves with every validated payout — 80, then 85, then 90, then 100 percent from the fifth onward. Phidias stops taking a cut altogether, which no other firm in the category offers, and it is what justifies Premium’s price over Fundamental’s if you intend to stay on the account.
Days to pass separate them again. Express to Live asks for none at all, so one clean session can clear the target. Premium asks for one. Fundamental asks for three. Once funded, the cadence inverts: Premium pays every 5 trading days, Fundamental every 10, and a day only counts toward either if it closes positive by at least $150, $200 or $250 depending on size.
Consistency is where traders get caught. There is no consistency rule on any Phidias evaluation. The 30 percent rule applies only to funded Fundamental and Premium Cash accounts, over a minimum of four trading days, and Express to Live is exempt at every stage. Phidias also frames the remedy constructively rather than punitively — an outsized day is not forfeited, you simply keep trading until your total profit is large enough that the day fits inside 30 percent of it.
What Phidias allows is broader than most of the field. Scalping, intraday and swing are all named as authorised styles. News trading is allowed on every account at every stage, with no blackout window. Dollar cost averaging is explicitly permitted. There is no daily loss limit anywhere in the lineup, and no stop-loss requirement, so a bad morning does not end your day.
What it prohibits is narrow but firm: fully automated trading and robots, high-frequency trading, single-tick arbitrage on Treasury futures, calendar spreads between two maturities of the same product, illiquid back-month contracts, and buying an asset on one account while selling it on another. Semi-automated tools are fine as long as you are watching and adjusting the trades yourself.
Three policies deserve attention before you buy, because none of them have an escape hatch. Subscriptions are final — no returns, no refunds, no exchanges, and a chargeback earns a permanent ban on the username. Fundamental disqualifies the account outright if a position is still open past the 21:59 UTC close, where most firms simply flatten you. And 59 countries are restricted, a list Phidias says is not exhaustive, which includes the EU members Bulgaria, Croatia, Malta, Romania and Slovenia as well as much of Africa and Indonesia, Pakistan, the Philippines and Sri Lanka. A non-refundable purchase from a restricted country has no remedy at all.
The ceiling is fifteen funded accounts and $1,550,000. Five Express accounts at 150K account for $750,000 of it; Fundamental and Premium each top out at $400,000 because a 150K Cash account consumes two of five slots and no more than two per category are permitted. Express 150Ks are the exception and count as one slot each, which is why the cheapest program is also the one that scales furthest.
Payouts settle through Riseworks, on any day of the week, and that is the only route out. Riseworks clears on-chain, which is what lets the live tracker on the Payouts tab read verified transfers rather than figures the firm reports about itself.
Programs & Modes
Express to Live — Static Drawdown, No Minimum Days
The cheapest way into Phidias and the only route where a real live account is automatic rather than reviewed. A static drawdown that never trails, no minimum trading days, no consistency rule and no daily loss limit — four of the five things that fail traders elsewhere simply do not exist here. Pass the evaluation, pass the funded Cash account, press Switch to Live, and a fixed bonus lands in your wallet while the account converts to live. The trade-off is size: 2 minis on a 25K up to 9 on a 150K, and no overnight holding at any stage.
Profit Split: a flat 80/20 on the bonus payout and on the live account
Target $1,500 to $4,500 | Static Drawdown $500 to $1,000 | Contracts 2 to 9 Minis | Min Days None | Consistency None | Bonus $1,000 to $4,500 plus $500 to $2,000 live credit | Activation $83 to $169
Fundamental — Professional Size on EOD Trailing
The intraday workhorse: 10 to 17 minis against Express’s 2 to 9, at a lower monthly price than Premium. You accept an end-of-day trailing drawdown, three trading days to pass, a 30 percent consistency rule once funded and a 10-day wait between payouts. The rule to respect is the clock — every position must be closed before 21:59 UTC or the account is disqualified, which is a harder stop than the drawdown itself.
Profit Split: a flat 80/20 that never changes
Target $4,000 to $9,000 | EOD Trailing $2,500 to $4,500 | Contracts 10 to 17 Minis | Min Days 3 | Consistency 30% once funded | Payout every 10 trading days | Activation $149 to $169
Premium — Overnight Holding and a Split That Reaches 100%
The most expensive route and the only one a swing trader can use: overnight and over-week positions are permitted, and the CME session deadline that governs Fundamental does not apply. One trading day passes the evaluation, payouts come every 5 trading days, and the split climbs 75, 80, 85, 90 and then 100 percent across your first five payouts. It also carries the only safety net in the lineup — liquidate the funded Cash account and you can reset it once, within 24 hours, for a flat fee.
Profit Split: progressive from 75/25 to 100/0 over five payouts
Target $4,000 to $9,000 | EOD Trailing $2,500 to $4,500 | Contracts 10 to 17 Minis | Min Days 1 | Consistency 30% once funded | Payout every 5 trading days | Cash Reset $399 to $599 | Activation $149 to $169
10K Drawdown Challenge — A Competition, Not an Evaluation
A monthly ranked event rather than a funding route. Thirty dollars buys a $10,000 account with a trailing $10,000 end-of-day drawdown, which in practice means you cannot breach it — you are competing on total profit, not surviving a risk rule. Twenty-five minis or 250 micros, overnight and weekend holding allowed, every CME, CBOT, NYMEX and COMEX product available, and unlimited simultaneous entries with your best account counted. The top ten split $24,000 into the Phidias Wallet, and everyone below that tier still leaves with a discount code or a free Fundamental 50K.
Profit Split: none — the Challenge pays cash prizes, not a share of profit
Account $10,000 | Trailing Drawdown $10,000 EOD | Contracts 25 Minis / 250 Micros | Overnight and Weekend Allowed | Prize Pool $24,000 | Entries Unlimited
Profit Split & Payouts
Express to Live and Fundamental both pay a flat 80/20. Premium pays a progressive split that starts at 75/25 and improves with every validated payout: 80 percent on the second, 85 on the third, 90 on the fourth, and 100 percent from the fifth onward. There is no split upgrade to buy on any route.
Funded Cash accounts clear a withdrawal threshold before the first payout: $52,600 on a 50K, $103,700 on a 100K and $154,500 on a 150K. A withdrawal may then not take the balance below start plus $100 — $50,100, $100,100 or $150,100 — which is the same level where the end-of-day trail stops moving.
Fundamental pays every 10 qualifying trading days, Premium every 5, against a $500 minimum request. Per cycle you can take up to $2,000 on a 50K, $2,500 on a 100K and $2,750 on a 150K, and the caps are per account, so a trader holding several funded accounts withdraws the maximum from each in the same period. A day only counts toward the cycle if it closes positive by at least $150, $200 or $250 by size.
Express to Live does not use this system at all. There is no threshold, no cycle and no minimum day count. Reaching the target on the funded Cash account triggers a fixed bonus — $1,000, $2,000, $3,000 or $4,500 by size, subject to the 80/20 split — plus live credit of $500 to $2,000 that becomes the starting balance of a real live account. Counted together that is $1,500 to $6,500 per Express account passed, and the credits stack if you pass more than one.
Once an Express account is live, payouts are daily, uncapped, against the same $500 minimum, and the $122 monthly platform fee is waived. This is the fastest money in the Phidias lineup by a wide margin.
Fundamental and Premium reach a live account differently. At 5 validated payouts or $100,000 cumulative profit you become eligible for review — up from the older 3 payouts or $75,000 threshold — but the transition is initiated by Phidias, never requested by you, and risk management can approve, defer or refuse it regardless of the numbers. Traders who last are given more capital rather than a better split: 60 days live at a $125,000 balance earns the ELITE tier and a $25,000 balance addition, 120 days at $250,000 earns MASTER and $50,000.
A trader may hold only one live account, and reaching it closes doors. Arrive through Fundamental or Premium and you can no longer buy those challenges. Arrive through Express and new Express challenges close instead. Anything you pass afterwards credits the existing live account.
Everything settles through Riseworks, on any day of the week, with no alternative rail. Payouts land first in an internal Phidias Wallet, from which you can withdraw, buy further evaluations, pay activation fees or fund a live account directly — minimum transfer $500, with exchange margin added on top. The wallet is closed: you cannot deposit into it, and live profits bypass it entirely. Maximum allocation across the firm is $1,550,000.
Platforms & Vendors
Ten platforms are supported: Rtrader Pro, NinjaTrader, Tradovate, DeepCharts, Sierra Chart, Quantower, ATAS, Bookmap, MotiveWave and TradingView. Phidias routes data through Rithmic for CME products and dxFeed for Eurex, so in practice anything Rithmic-compatible will connect. Order-flow traders are well served — ATAS, Bookmap, Sierra Chart and DeepCharts are all available — and Quantower and DeepCharts both have usable free tiers, with DeepCharts running in the browser.
Instrument coverage is wider than the American futures firms. The four CME group exchanges are all there: equity index (ES, NQ, YM, RTY, NKD and the full micro set), interest rates (ZT, ZF, ZN, ZB, UB), currencies (6A, 6B, 6C, 6E, 6J, 6N), micro Bitcoin and Ethereum futures, energy (CL, QM, NG, QG, HO, RB, MCL), metals (GC, SI, HG, PL, PA, MGC, SIL) and agriculture (HE, LE, GF, ZW, ZS). Eurex is added on the dxFeed and Tradovate route, bringing DAX, Mini-DAX, Micro-DAX, EURO STOXX 50, the Euro-Bund, Bobl, Schatz and Buxl, and VSTOXX.
Two caveats on instruments. You must trade the front, highest-volume contract — illiquid back months are not permitted and neither are calendar spreads between two maturities of the same product. And Treasury futures need a phone call: single-tick arbitrage on bonds is prohibited outright, and any Treasury trader has to email support to have CBOT market data switched on. Top-of-book CME data is free throughout the evaluation; Level 2 depth is €11 a month per exchange or €33 for all four.
Contract Limits
Contract limits are set per program and per size, and no Phidias program widens them once you are funded — the evaluation limit is the limit. Combining minis and micros to exceed the overall cap is treated as a breach whether or not the order fills. Raising the limit is possible but formal: you email a written request, and the risk team can accept it, refuse it or set a different number. There is no add-on to buy.
Express to Live is deliberately the tightest of the four, which is the honest cost of its static drawdown and missing consistency rule. Fundamental and Premium share an identical, much larger grid. The 10K Challenge is the outlier at 25 minis on a $10,000 account, which only makes sense because it is a prize competition rather than a funding route.
| Program | Account Size | Minis | Micros |
|---|---|---|---|
| Express to Live | $25,000 | 2 | 20 |
| $50,000 | 5 | 50 | |
| $100,000 | 7 | 70 | |
| $150,000 | 9 | 90 | |
| Fundamental | $50,000 | 10 | 100 |
| $100,000 | 14 | 140 | |
| $150,000 | 17 | 170 | |
| Premium | $50,000 | 10 | 100 |
| $100,000 | 14 | 140 | |
| $150,000 | 17 | 170 | |
| 10K Challenge | $10,000 | 25 | 250 |
Restricted Countries
| Size | Program | Profit Target | Max Loss | Daily Loss | Drawdown | Profit Split | Payout | Loyalty | Activation Fee | Price |
|---|
80% Off One-Time Payment
The one-time payment route folds the activation fee in at $0 and takes 75 to 80 percent off. Express to Live runs $69.25 on a 25K, $144.60 on a 50K, $180.00 on a 100K and $225.00 on a 150K. Fundamental runs $116.00, $144.60 and $172.60. Premium runs $144.60, $180.00 and $224.60. It costs more upfront than the evaluation route on the smaller sizes but nothing afterwards, so on a 50K Express it works out cheaper overall than $139.00 plus a $149 activation fee.
60% Off the Evaluation Route
The evaluation route is the cheapest way in and is what the table above prices. Discounts run 50 to 60 percent: a 25K Express to Live falls from $88.00 to $44.00, a 50K Fundamental from $164.00 to $65.60 a month, and a 50K Premium from $329.00 to $131.60 a month. An activation fee of $83 to $169 is charged once when you pass, and Fundamental and Premium bill monthly until you cancel. The 10K Drawdown Challenge is 55 percent off at $30.00 an entry, with unlimited entries.
Scalping, Intraday and Swing Are All Authorised Allowed
Phidias names all three styles as authorised, which is rarer than it sounds in futures prop: plenty of firms tolerate scalping without ever committing to it in writing. There is no minimum hold time, no minimum ticks per trade and no rule against taking a dozen trades in a session.
News Trading on Every Account, at Every Stage Allowed
Phidias states it in the plainest terms available: news trading is authorised on all accounts. There is no blackout window, no restricted-event list and no difference between the evaluation and the funded Cash account. The firm’s only caution is against committing full margin to a high-volatility release, which is risk advice rather than a rule.
Dollar Cost Averaging Allowed
Explicitly authorised to smooth an entry point. Averaging into a position is a normal part of futures execution and Phidias treats it that way, rather than lumping it in with the practices it bans.
Semi-Automated Software Allowed
Permitted, on the condition that you actively monitor the trades and adjust them manually. Order-entry tools, bracket managers and one-click execution panels all sit comfortably inside this. What is not permitted is handing the account over to the software entirely.
Copy Trading Between Your Own Accounts Allowed
Allowed, and third-party copy software is permitted too. You stay responsible for it: Phidias accepts no liability if a copier platform fails mid-trade. The real constraint is capital, not the copying – identical strategies running beyond the maximum allowed capital can have the accounts suspended.
Unlimited Evaluation Accounts Allowed
The five-account cap applies to funded Cash accounts, not to evaluations. You can run as many evaluations side by side as you want to pay for, which is how most traders approach the Express to Live route.
Overnight and Over-Week Positions on Premium Allowed
Premium is the only Phidias program that allows a position to stay open past the close, and over a weekend as well. If you trade a swing timeframe, this single rule is what decides between Premium and the cheaper Fundamental.
Overnight Holding on the 10K Challenge Allowed
The Challenge allows overnight and weekend positions, with up to 25 E-minis or 250 micros on the book. For a $30.00 entry that is an unusually loose risk envelope.
Daily Payouts Once an Express Account Reaches Live Allowed
An Express to Live account that converts to a real live account pays out daily, with no maximum and no waiting period between requests. The $500 minimum is the only gate. Nothing else in the Phidias lineup moves money this quickly.
A Progressive Split That Reaches 100 Percent on Premium Allowed
Premium starts at 75/25 and climbs with every payout: 80 percent on the second, 85 on the third, 90 on the fourth, and 100 percent from the fifth onward. Stay on the account long enough and Phidias stops taking a cut altogether.
One Activation Fee, Paid Once, For Life Allowed
Passing the evaluation triggers a one-time activation fee and nothing after it. There is no fee to switch into the Cash account, no renewal on the funded side, and no second activation if you keep trading the same account for a year.
No Daily Loss Limit on Any Program Allowed
Phidias does not run a daily loss cap anywhere in the lineup. Your maximum loss is the drawdown figure and nothing else, so a bad morning does not end the day for you.
No Consistency Rule on Express to Live Allowed
Express to Live is the only funded Phidias route with no consistency requirement at either stage. If your edge arrives in bursts rather than evenly across the week, this is the program that will actually pay you for it.
A Free Reset After 30 Days Allowed
A failed evaluation resets itself automatically after 30 days at no cost. Buying a reset only buys you the time – the price appears in your configurator – so patience is a legitimate alternative to paying again.
One Trading Day to Pass Premium Allowed
Premium asks for a single trading day on the evaluation. Hit the target in one session and the account is yours to activate, which makes the most expensive program in the lineup also the fastest to clear.
Every CME, CBOT, NYMEX and COMEX Product Allowed
The full exchange group is available: equity index, rates, energy, metals and agricultural futures, in E-mini and micro size. EUREX is served through dxFeed on the DeepCharts route.
Paying For Accounts From the Phidias Wallet Allowed
Earnings land in an internal wallet that can buy evaluations, cover activation fees and fund live accounts, as well as pay out to your bank. Reinvesting a payout into the next account never leaves the ecosystem, so it never costs you a transfer fee.
ELITE and MASTER Balance Additions Allowed
Live traders who last are given more capital rather than a better split. Sixty days live with a $125,000 balance earns the ELITE tier and a $25,000 balance addition; 120 days at $250,000 earns MASTER and a $50,000 addition.
Automatic Promotion to Live on Express to Live Allowed
Express to Live is the only route where reaching the target converts the account without a review. You press Switch to Live yourself. Fundamental and Premium both go through risk management instead.
Funded Account Caps Restricted
Five Cash Premium, five Cash Fundamental and five Express to Live accounts, counted per person, per company and per internet connection. Fifteen funded accounts is the ceiling, and sharing a household connection with another Phidias trader counts against both of you.
150K Cash Accounts Count as Two Slots Restricted
A 150K Fundamental or Premium Cash account counts as two standard accounts, so it consumes two of your five slots, and Phidias caps 150K Cash accounts at four in total – two Fundamental and two Premium. Each of those categories therefore tops out at two 150Ks plus one 100K, or $400,000. Express to Live is the exception: its 150K counts as a single slot, which is why the firm’s true maximum allocation runs through five 150K Express accounts rather than five 150K Premiums. One caveat on the source — the rulebook’s own list of valid combinations includes a Fundamental mix that adds up to six slots, so it contradicts the limit it states. We have used the explicit limits rather than the example.
30 Percent Consistency on Funded Cash Accounts Restricted
Applies to funded Fundamental and Premium Cash accounts only, never to an evaluation. No single trading day may account for more than 30 percent of your total profit, measured over a minimum of four trading days. On $10,000 of profit your best day is capped at $3,000, so one outsized session has to be followed by several ordinary ones before you can withdraw.
A Minimum Daily PNL Before a Day Counts Restricted
A trading day only counts toward your payout requirement if it clears a minimum: $150 on a 50K, $200 on a 100K, $250 on a 150K. Scratching the session at break-even keeps the account alive but does not move you closer to a withdrawal.
Payout Cycles: Ten Days on Fundamental, Five on Premium Restricted
Fundamental needs 10 qualifying trading days between payouts; Premium needs 5. Combined with the minimum daily PNL, a Fundamental payout realistically takes two to three calendar weeks of active trading rather than ten calendar days.
Per-Cycle Withdrawal Caps Restricted
Each payout cycle is capped: up to $2,000 on a 50K, $2,500 on a 100K and $2,750 on a 150K. Profit above the cap stays in the account rather than being forfeited, but it cannot all come out at once.
A $500 Minimum Withdrawal Restricted
No payout request below $500 is processed, on any program or stage. On a 50K Fundamental that is a tenth of the account’s profit target, so it is rarely the binding constraint.
Fundamental Must Be Flat by 9:59 PM UTC Restricted
Fundamental trades the CME Globex session and every position must be closed before the 60-minute daily break at 9:59 PM UTC. Phidias is unusually direct about the consequence: failing to close before the deadline disqualifies the account. This is the rule that catches careless Fundamental traders, not the drawdown.
Three Trading Days to Pass Fundamental Restricted
Fundamental asks for three trading days on the evaluation, against one for Premium and none at all for Express to Live. You cannot clear it in a single session however good that session is.
Front-Month Contracts Only Restricted
You are required to trade the highest-volume, most recent contract for any instrument. Trading an illiquid back month is not permitted, and neither is spread trading between two maturities of the same product.
Contract Limits, and Written Requests to Raise Them Restricted
Size is capped per account and per program. Raising it is possible but formal: you email a written request, and risk management can accept it, refuse it or adjust the number. There is no add-on to buy.
Five Payouts or $100,000 Before a Live Account Restricted
Fundamental and Premium traders become eligible for a real live account after five successful payouts or $100,000 in cumulative profit across all accounts. Eligible is the operative word – the final decision sits with risk management at its sole discretion.
The Premium Cash Reset Has a 24-Hour Window Restricted
Liquidate a funded Premium Cash account and you can reset it once, at $399 on a 50K, $499 on a 100K or $599 on a 150K. The window is 24 hours from liquidation and the reset is available once per Cash account. Miss it and the account is gone.
EOD Trailing Drawdown That Locks Just Above Breakeven Restricted
Fundamental and Premium run an end-of-day trailing drawdown measured on balance, not equity. On a funded account the trail stops once the balance reaches $50,100, $100,100 or $150,100 – the starting figure plus $100 – and the level is fixed from there. Until you clear that, every profitable day pulls your liquidation level up behind you.
Market Depth Is a Paid Add-On Restricted
Top-of-book CME data is free to non-professional traders throughout the evaluation. Level 2 depth is an optional add-on billed in euros: €11 a month per exchange, or €33 a month for all four – CME, CBOT, NYMEX and COMEX. You buy it from the Addons tab of your member area, and a Treasury trader has to email support to have CBOT data switched on at all.
A One-Month Lockout After a Live Express Failure Restricted
Fail an Express to Live account at the live stage and you cannot subscribe to a new Express challenge for one month. The evaluation route itself has no such cooldown.
Canada Routes Through Dorman Outside Ontario Restricted
Canada is not restricted for evaluations or Cash accounts. At the live stage, only Ontario residents can use Tradovate or NinjaTrader; every other province is routed through Dorman Trading on Rithmic.
Subscriptions Are Final Restricted
Phidias states that all subscriptions are final, with no returns, refunds or exchanges, and that not using a service you paid for does not entitle you to money back. Monthly subscriptions renew automatically unless you cancel before the term ends.
A Chargeback Is a Permanent Ban Restricted
Disputing a payment results in immediate deactivation of your membership and a permanent ban on the username. Take a billing problem to support rather than to your card issuer.
Fully Automated Trading and Robots Prohibited
Robots, fully automated algorithms and any other form of hands-off automation are not permitted on any account or at any stage. Semi-automated tools are fine, but only where you are watching the trades and adjusting them yourself.
High-Frequency Trading Prohibited
Prohibited across the lineup. Phidias groups HFT with the automated strategies it bans rather than treating it as an aggressive but legitimate style.
One-Tick Arbitrage on Treasury Bonds Prohibited
Named specifically: arbitrage strategies that scalp a single tick on Treasury futures are prohibited. This is the one instrument-specific restriction in the Phidias rulebook.
Spread Trading Between Two Maturities Prohibited
Running a calendar spread on the same product – long one maturity against short another – is forbidden, as is any strategy that depends on the back-month leg.
Illiquid, Low-Volume Contracts Prohibited
Trading a thin maturity or a low-volume product is not permitted. The requirement to use the front contract exists to stop traders harvesting favourable simulated fills in markets that barely trade.
Inverse Positions Across Multiple Accounts Prohibited
Buying an asset on one account while selling the same asset on another is the practice Phidias cites by name as grounds for intervention. Cross-account hedging is off the table, and the firm reserves the right to remove the conflicting positions, rebalance the account, cut your contracts or close the account outright.
Lottery Trades and Full Margin Into a Release Prohibited
Phidias prohibits the gambling end of the business: chasing an exceptional result, trying to accumulate funds quickly through excessive risk, and committing full margin during a high-volatility economic announcement. News trading itself is allowed – betting the account on one print is not.
Overnight and Weekend Holding on Express to Live and Fundamental Prohibited
Both programs are flat-by-close. Express to Live does not carry a position overnight or over a weekend at either stage, and Fundamental must be closed before the daily break. Premium and the 10K Challenge are the only routes where holding is permitted.
Gambling Practices Unrelated to Trading Prohibited
Phidias reserves the right to act on gambling behaviour that has nothing to do with a trading strategy, and on intentional or repetitive non-conforming behaviour across one or more accounts.
Funding the Phidias Wallet From Outside Prohibited
The wallet is a closed system. It can be credited only by validated payouts and spent only inside the ecosystem or withdrawn through Rise. You cannot top it up with your own money, and Phidias Points are not transferable outside the platform.
Restricted Countries
Live On-Chain Payouts — Last 30 Days
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$500 minimum withdrawal • $2,000 to $2,750 per cycle • $1,550,000 maximum allocation
Paid through Riseworks
Riseworks Is the Only Payout Route
Every Phidias payout settles through Riseworks, on any day of the week, and there is no second option – no crypto rail, no PayPal, no direct wire. Riseworks clears on-chain, which is what lets the live tracker above this text read verified transfers rather than figures the firm reports about itself.
A $500 Minimum Withdrawal
$500 is the floor on every program and every stage, funded Cash accounts and live Express accounts alike. On a 50K Fundamental that is an eighth of the evaluation target, so it rarely bites.
The Withdrawal Threshold Comes Before the First Payout
Your funded Cash balance has to clear a set figure before Phidias will release anything: $52,600 on a 50K, $103,700 on a 100K and $154,500 on a 150K. That is $2,600, $3,700 and $4,500 of profit respectively – on the 150K it is the full drawdown figure over again.
Your Balance Cannot Fall Below Start Plus $100
A withdrawal may not take the account under $50,100, $100,100 or $150,100. This is the same figure where the EOD trail stops, so clearing the threshold and locking the drawdown happen together: once you are above it, the trail is fixed and you can withdraw down to it repeatedly.
Per-Cycle Withdrawal Caps
Each cycle releases up to $2,000 on a 50K, $2,500 on a 100K and $2,750 on a 150K. Profit above the cap stays in the account rather than being forfeited. The caps are per account, so a trader running several funded accounts withdraws the maximum from each in the same period.
Ten Trading Days on Fundamental, Five on Premium
Fundamental needs 10 qualifying trading days between payouts; Premium needs 5. Phidias only marks a day complete after the close, and the system registers the Fundamental cycle at the start of the eleventh day, so the calendar wait is always a day longer than the number suggests.
A Day Only Counts Above the Minimum PNL
A trading day is credited toward your payout cycle only if it closes positive by at least $150 on a 50K, $200 on a 100K or $250 on a 150K. A flat session keeps the account alive but does not advance the counter – which is why a 10-day Fundamental cycle is realistically two to three weeks of active trading.
Fundamental Pays 80/20, Flat
Fundamental keeps the same 80 percent split from the first payout to the last. There is no upgrade to buy and no ladder to climb, which makes it the predictable option in the lineup.
Premium’s Split Climbs to 100 Percent
Premium starts at 75/25 and improves with every validated payout: 80 percent on the second, 85 on the third, 90 on the fourth, and 100 percent from the fifth onward. Five payouts on a 150K Premium at the cycle cap is roughly $13,750 of withdrawals before Phidias stops taking a cut entirely – the only route in futures prop where the firm's share reaches zero.
Express to Live Does Not Pay Out — It Converts
Express to Live is outside the withdrawal rules above. There are no cycles, no thresholds and no minimum days. You reach the target on the funded Cash account, press Switch to Live, and a fixed bonus is credited automatically: $1,000 on a 25K, $2,000 on a 50K, $3,000 on a 100K and $4,500 on a 150K, each subject to the 80/20 split.
The Express Bonus Comes With Live Credit
Alongside the bonus you receive live trading credit – $500, $1,000, $1,500 or $2,000 by size – which becomes the starting balance of a real live account. Counted together the reward per Express account is $1,500 on a 25K, $3,000 on a 50K, $4,500 on a 100K and $6,500 on a 150K. Pass several and the credits stack onto the same live account.
Daily Payouts Once Express Reaches Live
A live account converted from Express pays daily, with no cap and no waiting period, against the $500 minimum. Contract size is 2, 3, 4 or 5 lots by origin size, the $122 monthly platform fee is waived, and the static loss grows as further Express credits land. Holding overnight is still off unless Phidias agrees it with you specifically.
Thirty Percent Consistency Gates Fundamental and Premium Payouts
On funded Cash accounts only, no single trading day may exceed 30 percent of total profit, measured over a minimum of four trading days. Phidias frames the fix generously: you do not lose the profit, you simply trade the total higher until your best day fits inside 30 percent of it. A $350 day needs $1,167 of total profit to clear.
Five Payouts or $100,000 — and Still Discretionary
Fundamental and Premium traders become eligible for review at 5 validated payouts or $100,000 cumulative profit across all accounts, up from the older 3 payouts or $75,000. Eligible is the word Phidias uses: the transition is initiated by the firm, never requested by the trader, and risk management can approve, defer or refuse it whether or not you hit the numbers.
Live Credit Earned From Each Funded Account
When the discretionary transition is granted, each active Cash account contributes live credit: up to $750 from a 50K, $1,000 from a 100K and $1,250 from a 150K, calculated on the balances still active at the time and only where they sit above start plus $100.
One Live Account, and It Closes the Door Behind You
A trader may hold only one live account. Reach it through Fundamental or Premium and you can no longer buy those challenges – only the 10K Drawdown and Express remain. Reach it through Express and new Express challenges close instead. Any challenge you pass afterwards credits the existing live account rather than opening a second one.
The 10K Challenge Pays Into the Wallet
The monthly event splits $24,000 across the top ten: $12,000, $3,000, $2,160, $1,680, $1,320, $1,080, $840, $720, $660 and $540, all credited to the Phidias Wallet. Below that, the top 10 percent receive a Fundamental 50K one-time-payment account with the activation fee waived, the top 50 percent a 90 percent discount code and everyone else an 80 percent code. Phidias claims every participant wins something, and the prize ladder supports it.
The Wallet Sits Between You and Your Bank
Payouts land in an internal Phidias Wallet the moment they are validated. From there you withdraw to Riseworks, buy further evaluations, pay activation fees and add-ons, or fund a live account directly – the minimum transfer to live is $500, and Phidias adds exchange margin on top, so $500 of maximum loss opens an account carrying roughly $2,500. The wallet is closed: you cannot deposit into it, and live profits bypass it and go straight to Riseworks.
$1,550,000 Maximum Allocation
Fifteen funded accounts, structured for the ceiling: five Express at 150K is $750,000, and each of Fundamental and Premium tops out at two 150Ks plus a 100K for $400,000. That is a high ceiling for futures prop and comfortably above the field, so size is not what limits you here – the per-cycle withdrawal caps are.
Max Contract Sizes by Program
Express to Live
Fundamental — 50K and up
Premium — 50K and up
10K Drawdown Challenge
Limits are the same on the evaluation and once funded on every route. Fundamental and Premium share an identical ladder, and the 10K Challenge carries by far the largest allowance because it is a competition rather than a funded account. One mini equals ten micros.
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Phidias Prop Firm Reviews & Ratings
Rated by our community & expert team
Phidias Prop Firm is a Gibraltar futures prop firm trading since September 2023 under CEO Florian Brender, rated on Trustpilot from reviews. Four routes, eleven accounts, $10,000 to $150,000, on ten platforms running Rithmic and dxFeed. Code GUIDE puts the cheapest funding route at $44.00 and the Challenge at $30.00. On paper this is one of the better-designed products in futures prop: Express to Live converts automatically into a real live account at Dorman Trading, Premium runs a split that climbs to 100 percent by your fifth payout, and there is no daily loss limit, no stop-loss requirement and no consistency rule on any evaluation. The reason this page does not score higher is everything around the product: a mid-3s public rating across reviews, no refunds under any circumstances, a live-account promotion that stays discretionary on two of four routes, a 21:59 UTC close that disqualifies Fundamental accounts outright, and 59 restricted countries including five EU members.
Summary
Phidias Prop Firm is a Gibraltar futures prop firm trading since September 2023 under CEO Florian Brender. Four routes, eleven accounts, $10,000 to $150,000, on ten platforms. It scores on Trustpilot across reviews — a mid-table number for the category, and the single biggest reason to read the rules before you pay rather than after.
Code GUIDE is applied to the prices in the table above. The cheapest funding route is an Express to Live 25K at $44.00 plus an $83 activation fee once you pass; the most expensive single account is a Premium 150K at $285.00 a month plus $169 activation. Every route except the Challenge is also sold as a one-time payment with no subscription — more up front, less over time, and worth doing the arithmetic on if you expect to need more than three months.
Drawdown type is the first fork, and it is a genuine choice rather than a tier. Express to Live runs a static drawdown that never moves — $500 to $1,000 by size — so your liquidation level is one number you work out once and never recalculate. Fundamental and Premium run an end-of-day trailing drawdown of $2,500 to $4,500 measured on balance, not equity, which pulls your floor up behind every profitable close until the funded account reaches start plus $100.
Phidias is unusually clear about how that trail behaves inside the session, and it works in the trader’s favour: your liquidation price is fixed for the whole day and only adjusts at the close, on realised profit. A 50K at $50,000 with a $47,500 floor that is up $1,000 by lunchtime still has $3,500 of room, not $2,500. Most firms leave you to discover that for yourself.
Overnight holding is the second fork, and it is the whole reason Premium exists. Express to Live and Fundamental are both flat-by-close. Fundamental enforces it harshly — every position must be closed before the 60-minute CME Globex break at 21:59 UTC, and missing that deadline disqualifies the account rather than simply flattening it. Premium allows overnight and over-week positions and is exempt from the session rule entirely.
The split is the third. Express to Live and Fundamental pay a flat 80/20, which is below the 90/10 that several American competitors advertise. Premium starts worse, at 75/25, then improves with every validated payout — 80, 85, 90, then 100 percent from the fifth onward. If you stay on one account, Phidias eventually stops taking a cut altogether, and nothing else in futures prop does that. If you churn accounts, you never see it.
Days to pass invert the cadence. Express to Live asks for no minimum days at all, Premium for one, Fundamental for three. Once funded, Premium pays every 5 qualifying trading days and Fundamental every 10, and a day only counts if it closes positive by $150, $200 or $250 depending on size. That last condition is the one traders underestimate: a 10-day Fundamental cycle is two to three weeks of real trading, not ten calendar days.
Consistency is handled better here than almost anywhere. There is no consistency rule on any Phidias evaluation. The 30 percent rule applies to funded Fundamental and Premium Cash accounts only, over a minimum of four trading days, and Express to Live is exempt at every stage. An outsized day is not confiscated either — you keep trading until total profit is large enough that the day fits inside 30 percent of it, which is a remedy rather than a penalty.
What Phidias permits is broader than the field: scalping, intraday and swing all named as authorised styles, news trading on every account at every stage with no blackout window, dollar cost averaging explicitly allowed, no daily loss limit anywhere and no stop-loss requirement. What it prohibits is narrow but firm — robots and fully automated trading, high-frequency trading, single-tick Treasury arbitrage, calendar spreads on the same product, illiquid back months, and buying an asset on one account while selling it on another.
The money moves through Riseworks and nothing else, on any day of the week, landing first in an internal wallet you can spend on further accounts or withdraw. Funded Cash accounts clear a threshold first — $52,600, $103,700 or $154,500 — then take up to $2,000 to $2,750 per cycle, per account. An Express account that has converted to live pays daily and uncapped, which is the fastest money here by a wide margin.
Three things to go in clear-eyed about. All subscriptions are final, with no returns, refunds or exchanges under any circumstances, and a chargeback means immediate deactivation and a permanent ban on the username. The live-account promotion on Fundamental and Premium is discretionary — five payouts or $100,000 makes you eligible for review, not entitled to anything. And 59 countries are restricted, a list Phidias admits is not exhaustive, covering much of the Balkans, Eastern Europe and Africa plus Indonesia, Pakistan, the Philippines and Sri Lanka, and including the EU members Bulgaria, Croatia, Malta, Romania and Slovenia.
Allocation runs to $1,550,000 across fifteen funded accounts, with Express 150Ks doing most of the work because they are the only size that does not consume two slots. Payouts settle through Riseworks on-chain, which is why Phidias transfers appear in the live tracker on this page as verified rather than claimed — and with a mid-3s public rating, that tracker is the evidence worth weighing most.
Deep Dive
More About Phidias Prop Firm
Is Phidias Prop Firm Legit?
Yes, with caveats worth knowing. Phidias Prop Firm has traded since September 2023 under CEO Florian Brender, is registered in Gibraltar, and holds on Trustpilot across reviews. Three years of continuous operation in a category where firms vanish without notice counts for something. A mid-3s rating across that many reviews counts for something too, in the other direction, and the rest of this section is about which parts of the product earn it.
Start with what is unambiguously good, because it is substantial. Most futures prop firms pay traders from a simulated account and never move them off it — the "funded" account is a demo with a withdrawal button attached. Phidias treats the funded Cash account as a staging post and routes traders onto genuine live accounts at Dorman Trading through Sweet Futures, with exchange margin behind them and real fills. Express to Live does it without a review: reach the target, press a button, and the account converts the same day with a fixed bonus and live credit attached. That is the most direct path from a $44 evaluation to real exchange capital anyone in this industry currently offers.
The rulebook reads as though a trader wrote it. The end-of-day drawdown is explained with worked arithmetic instead of a definition, and the explanation makes the point that your liquidation price is fixed for the session — so being up $1,000 at lunchtime genuinely gives you more room to work with, not less. The 30 percent consistency rule arrives with its own remedy attached: an outsized day is not confiscated, you simply trade the total higher until the day fits inside 30 percent of it. Both are the opposite of the gotcha drafting that defines the category.
The permissions back it up. No daily loss limit on any program. No stop-loss requirement. No consistency rule on any evaluation. News trading allowed on every account at every stage with no blackout window — a rule most firms keep precisely because it voids payouts. Scalping, intraday and swing all named as authorised styles rather than grudgingly tolerated. Dollar cost averaging written in as permitted. And on Premium, a split that reaches 100 percent by the fifth payout, which no competitor matches at any price.
Payouts settle through Riseworks, which clears on-chain. That is why the live tracker on the Payouts tab of this page can read Phidias transfers as verified transactions rather than as claims the firm makes about itself. For a firm whose star rating is mid-table, independently verifiable payout data is the more useful signal of the two, and it is worth more attention than the badge.
Now the other side. All subscriptions are final. Phidias states flatly that there are no returns, refunds or exchanges, and that not using something you paid for does not entitle you to money back. A chargeback results in immediate deactivation and a permanent ban on the username, so a billing problem has to go to support and nowhere else. There is no cooling-off period and no goodwill clause written anywhere in the terms.
Fundamental’s session deadline is unforgiving and catches people. Every position must be closed before the 60-minute CME Globex break at 21:59 UTC, and Phidias is explicit that failing to do so disqualifies the account. Plenty of firms auto-flatten at the close and charge you nothing for it. Here a position you forgot about ends the account, which makes Fundamental the wrong choice for anyone trading around the European close without an alarm set. It is also the sort of rule that generates angry reviews, and it is reasonable to assume some of the ones on file come from exactly this.
The live transition on Fundamental and Premium is discretionary, and Phidias says so in writing. Five validated payouts or $100,000 in cumulative profit makes you eligible for review — not entitled to anything. The firm initiates the transition, the trader cannot request it, and risk management may approve, defer or refuse it whether or not you hit the numbers. Phidias also raised the bar from three payouts or $75,000 to the current figures, so the threshold has moved once already. If a real live account is the reason you are here, Express to Live is the only route that guarantees one.
Fifty-nine countries are restricted, on a list Phidias says is not exhaustive and can change at any time. It reaches well past the usual sanctions names and includes five EU members — Bulgaria, Croatia, Malta, Romania and Slovenia — alongside much of Africa and Indonesia, Pakistan, the Philippines and Sri Lanka. Because subscriptions are non-refundable, buying from a restricted country is a mistake with no remedy. Check the Rules tab on this page before you pay.
And the structure has costs the headline numbers hide. The flat split on Express to Live and Fundamental is 80/20, below the 90/10 that several American firms advertise. Premium’s climb to 100 percent only pays off if you stay on one account through five payouts, which rewards patience and punishes churn. Market depth is a separate euro-denominated charge, Treasury traders have to email support before they can trade bonds at all, and the monthly evaluation subscription keeps billing until you cancel it.
Our read, and the reason this page sits at 3.5 rather than higher: Phidias has built one of the best-designed products in futures prop and wrapped it in terms that leave the trader no room for a mistake. The rules are honest, generous and clearly written. The commercial policy around them — no refunds, a permanent ban for a chargeback, a discretionary promotion on half the lineup, and outright disqualification for a missed close — is strict enough that a mid-3s public rating is not surprising. Express to Live at $44 plus $83 activation is a genuinely good offer and the route we would take. Fundamental is the one to approach carefully, and the no-refund policy means every purchase here should be a decision you have already slept on.
Phidias Prop Firm vs Other Futures Prop Firms
Phidias sits in the same bracket as the American futures firms on price but not on destination. Where most of the category pays from a simulated account for as long as you keep performing, Phidias is built to move you onto real exchange capital — automatically on Express to Live, at its own discretion on Fundamental and Premium. That is the axis these comparisons turn on.
Phidias Prop Firm vs Apex Trader Funding: Apex is the volume leader with the deepest discounts and up to twenty accounts, and its 100 percent split on the first $25,000 is a stronger start than Phidias’s 80/20. But Apex keeps paying you from simulation indefinitely and runs a 30 percent consistency rule on the way to every payout. Phidias gives you a static drawdown option Apex does not, no consistency rule on any evaluation, and an automatic route onto a real live account. Take Apex if you want cheap volume and frequent sales; take Phidias if the point is to stop trading a simulator.
Phidias Prop Firm vs Take Profit Trader: The closest philosophical match: Take Profit Trader also moves traders to live accounts, with a 90/10 split and weekly payouts on an end-of-day drawdown. It is the simpler product, with one program instead of four. Phidias counters with a static-drawdown route that needs no minimum days at all, overnight holding on Premium, a 100 percent split ceiling and no daily loss limit. If you want one clear set of rules, Take Profit Trader. If you want to pick your own trade-offs, Phidias.
Phidias Prop Firm vs Tradeify: Tradeify’s Straight to Sim Funded accounts skip the evaluation entirely and its Advanced accounts carry no daily loss limit, which puts it in similar territory on flexibility. Where Phidias pulls ahead is the endgame and the split: a genuine live account at Dorman rather than perpetual sim funding, and Premium’s progressive climb to 100 percent. Where Tradeify pulls ahead is the upfront — no activation fee to pay when you pass, and a cheaper path to a funded account for a trader who dislikes evaluations.
Phidias Prop Firm vs Bulenox: Bulenox is the cheap experiment: constant discounts, an EOD drawdown option and a low barrier to finding out whether you can pass anything at all. It publishes no live-account route and runs a tighter consistency rule. Phidias is the better destination once funded and much the better documented of the two. Start at Bulenox to test yourself inexpensively; move to Phidias when you want the outcome to matter.
Phidias Prop Firm Frequently Asked Questions
Is Phidias Prop Firm legit?
Yes, with caveats. Phidias is a Gibraltar-registered futures prop firm trading since September 2023 under CEO Florian Brender, and its rulebook is more detailed and more generous than most of the category — worked examples for the drawdown, no consistency rule on any evaluation, no daily loss limit, news trading allowed everywhere. The strongest evidence is structural: Phidias routes successful traders onto genuine live accounts at Dorman Trading rather than paying from simulation indefinitely, and payouts settle through Riseworks on-chain, so the tracker on this page reads verified transfers rather than figures the firm reports about itself. What holds it to a mid-table rating is the commercial policy around the product: no refunds under any circumstances, a permanent ban for a chargeback, outright disqualification for a position left open past 21:59 UTC on Fundamental, a discretionary live-account promotion on two of four routes, and 59 restricted countries. It is a legitimate firm that gives you very little margin for error.
What accounts does Phidias Prop Firm offer?
Eleven accounts across four routes. Express to Live runs at 25K, 50K, 100K and 150K. Fundamental and Premium both run at 50K, 100K and 150K. The 10K Drawdown Challenge is a single $10,000 competition entry.
How much does a Phidias Prop Firm account cost?
With code GUIDE applied, the monthly evaluation route runs from $44.00 for an Express 25K up to $285.00 for a Premium 150K, and the 10K Challenge is $30.00. Each route is also sold as a single one-time payment, which costs more up front but carries no monthly subscription — $69.25 for the Express 25K, for instance. The monthly route adds a one-time lifetime activation fee when you pass.
What is the profit split at Phidias Prop Firm?
Express to Live and Fundamental pay a flat 80/20. Premium pays a progressive split that starts at 75/25 and improves with each validated payout: 80 percent on the second, 85 on the third, 90 on the fourth, and 100 percent from the fifth onward. That 100 percent ceiling is unique in futures prop trading.
What is the difference between Express to Live, Fundamental and Premium?
Drawdown type, overnight holding and how you reach a live account. Express to Live uses a static drawdown that never moves, needs no minimum trading days and has no consistency rule, but caps you at 2 to 9 minis and converts to live automatically. Fundamental and Premium both give you 10 to 17 minis on an end-of-day trailing drawdown with a 30 percent funded consistency rule, and reach a live account only at the firm's discretion. Premium is the only one of the three that lets you hold overnight, and the only one whose split climbs to 100 percent.
Which Phidias program should I start with?
Express to Live, for almost everyone. It is the cheapest, the static drawdown is the easiest risk rule in the lineup to trade against, there are no minimum days and no consistency rule, and the route to a real live account is automatic rather than reviewed. The reason to pay for Premium instead is if you need to hold positions overnight, which no other Phidias program allows.
Does Phidias Prop Firm charge an activation fee?
Yes, on the monthly evaluation route. It is $83 for an Express 25K and $149 to $169 on every other account, charged once and described by Phidias as lifetime — there is no renewal, no second activation and no fee to move from the evaluation into the funded Cash account. The one-time-payment route bundles it into the purchase price instead.
How often does Phidias Prop Firm pay out?
It depends on the route. A live account converted from Express to Live pays daily with no cap. Premium pays every 5 qualifying trading days, Fundamental every 10. The 10K Challenge pays prize money into your wallet once the event ends.
What is the minimum payout at Phidias Prop Firm?
$500, on every program and every stage.
Is there a maximum payout per request?
On funded Cash accounts, yes: up to $2,000 per cycle on a 50K, $2,500 on a 100K and $2,750 on a 150K. The caps are per account, so a trader running several funded accounts can withdraw the maximum from each in the same period. Live accounts converted from Express have no cap at all.
What is the withdrawal threshold at Phidias Prop Firm?
Your funded Cash balance has to clear a fixed figure before the first payout: $52,600 on a 50K, $103,700 on a 100K and $154,500 on a 150K. After that, a withdrawal may not take the balance below start plus $100 — $50,100, $100,100 or $150,100.
How does Phidias Prop Firm pay out?
Through Riseworks, on any day of the week, and that is the only route. Payouts land first in an internal Phidias Wallet, from which you can withdraw to Riseworks, buy further evaluations, pay activation fees or fund a live account directly. The wallet is closed — you cannot deposit into it, and live profits bypass it and go straight to Riseworks.
Does Phidias Prop Firm have a consistency rule?
Not on any evaluation. A 30 percent rule applies to funded Fundamental and Premium Cash accounts only, measured over a minimum of four trading days: no single day may account for more than 30 percent of total profit. Express to Live is exempt at every stage. Phidias also handles it constructively — an outsized day is not forfeited, you simply keep trading until total profit is large enough that the day fits inside 30 percent of it.
Does Phidias Prop Firm have a daily loss limit?
No. There is no daily loss limit on any Phidias program at any stage. Your maximum loss is the drawdown figure and nothing else.
What drawdown does Phidias Prop Firm use?
Two types. Express to Live runs a static drawdown that never trails: $500 on a 25K, $650 on a 50K, $800 on a 100K and $1,000 on a 150K, with liquidation at a fixed figure you can calculate once. Fundamental and Premium run an end-of-day trailing drawdown of $2,500, $3,000 or $4,500, measured on balance rather than equity, which stops trailing once the funded account reaches start plus $100.
How does the end-of-day trailing drawdown actually work?
Your liquidation price is fixed for the entire trading day and only adjusts at the close, on realised profit. Start a 50K at $50,000 with a $2,500 drawdown and your floor is $47,500. Make $1,000 by lunchtime and the floor stays at $47,500, so you can give back $3,500 from the high without breaching. Finish the day at +$500 and the floor moves up to $48,000 for tomorrow. On a funded account the trail stops at $50,100 and is fixed from there.
What are the profit targets at Phidias Prop Firm?
Express to Live asks $1,500, $2,500, $3,500 and $4,500 by size. Fundamental and Premium both ask $4,000 on a 50K, $6,000 on a 100K and $9,000 on a 150K. The 10K Challenge has no target — it is ranked on total profit.
How many trading days to pass a Phidias evaluation?
Express to Live has no minimum, so a single session can clear it. Premium asks for one trading day. Fundamental asks for three. Once funded, a day only counts toward your payout cycle if it closes positive by at least $150 on a 50K, $200 on a 100K or $250 on a 150K.
How many contracts can you trade at Phidias Prop Firm?
Express to Live allows 2, 5, 7 and 9 minis by size, with ten times that in micros. Fundamental and Premium both allow 10, 14 and 17 minis. The 10K Challenge allows 25 minis or 250 micros. No program widens the limit once funded, and raising it means emailing a written request that the risk team can accept, refuse or adjust.
Can you hold overnight at Phidias Prop Firm?
Only on Premium and the 10K Challenge. Express to Live and Fundamental are both flat-by-close, and Fundamental enforces it strictly — failing to close before the deadline disqualifies the account. Premium allows overnight and over-week positions, which is the main reason to pay its higher price.
What are the trading hours at Phidias Prop Firm?
Fundamental must trade inside the CME Globex session, Sunday to Friday from 23:00 to 21:59 UTC, with a 60-minute daily break starting at 21:59 UTC. Every position has to be closed before that deadline or the account is disqualified. Premium is excluded from this rule entirely.
Is news trading allowed at Phidias Prop Firm?
Yes, on every account and at every stage, with no blackout window. Phidias states it plainly rather than burying conditions in it. The only related restriction is a prohibition on committing full margin during a high-volatility economic release, which is a risk rule rather than a news rule.
Does Phidias Prop Firm allow algorithmic trading?
No. Robots, fully automated algorithms and high-frequency trading are all prohibited. Semi-automated software is permitted, but only where you actively supervise the trades and adjust them manually — order-entry tools and bracket managers are fine, handing the account to the software is not.
Does Phidias Prop Firm allow scalping?
Yes. Scalping, intraday and swing are all named as authorised styles, with no minimum hold time and no minimum tick requirement. The one exception is Treasury futures, where single-tick arbitrage is prohibited outright.
Does Phidias Prop Firm allow hedging?
No. Buying an asset on one account while selling the same asset on another is the practice Phidias names as grounds for intervention, and calendar spreads between two maturities of the same product are prohibited outright. The firm reserves the right to remove the conflicting positions, rebalance the account, cut your contracts or close the account.
Does Phidias Prop Firm allow copy trading?
Yes, across your own accounts, and third-party copy software is permitted too — though Phidias accepts no liability if a copier platform fails mid-trade. The real constraint is capital rather than the copying: identical strategies running beyond the maximum allowed capital can have the accounts suspended.
Does Phidias Prop Firm require a stop loss?
No. No stop-loss is mandated on any account. The drawdown is enforced automatically, so the platform liquidates the position for you the moment your balance breaches the limit.
Is martingale allowed at Phidias Prop Firm?
Dollar cost averaging is explicitly authorised to smooth an entry point, and Phidias publishes no ban on averaging down as such. What it does prohibit is the gambling end of it — lottery trades, chasing an exceptional result, and loading full margin into a high-volatility release.
How much does a reset cost at Phidias Prop Firm?
Phidias does not publish a flat reset price; the figure appears in your account configurator at the time. You can also simply wait, because a failed evaluation resets itself automatically after 30 days at no cost. Premium adds a separate Cash Account Reset for funded accounts — $399, $499 or $599 by size, available once per account and only within 24 hours of liquidation.
What is the Premium Cash Account Reset?
A safety net unique to Premium. If your funded Premium Cash account is liquidated by a drawdown breach, you can reset it once for a flat fee: $399 on a 50K, $499 on a 100K or $599 on a 150K. The window is 24 hours from liquidation — after that the account disappears from your dashboard and the reset is gone.
How do you get a live account at Phidias Prop Firm?
Two routes. Express to Live is automatic: reach the target on the funded Cash account, press Switch to Live, and a fixed bonus plus live credit converts the account the same day. Fundamental and Premium are discretionary: at 5 validated payouts or $100,000 cumulative profit you become eligible for review, but the transition is initiated by Phidias, not requested by you, and risk management can approve, defer or refuse it regardless of the numbers.
What is the Express to Live bonus?
Reaching the target on a funded Express Cash account credits a fixed bonus to your wallet — $1,000 on a 25K, $2,000 on a 50K, $3,000 on a 100K and $4,500 on a 150K, each subject to the 80/20 split — plus live trading credit of $500 to $2,000 that becomes the starting balance of a real live account. Counted together that is $1,500 to $6,500 per account passed, and the credits stack across multiple Express accounts.
What are the ELITE and MASTER tiers?
Longevity rewards on a live account, paid in capital rather than a better split. Sixty days live with a $125,000 balance earns the ELITE tier and a $25,000 balance addition; 120 days at $250,000 earns MASTER and a $50,000 addition.
What is the maximum allocation at Phidias Prop Firm?
$1,550,000 across fifteen funded accounts. Five Express accounts at 150K supply $750,000 of it, and Fundamental and Premium each top out at $400,000, because a 150K Cash account consumes two of five slots and no more than two per category are permitted. Express 150Ks are the exception and count as one slot each.
How many accounts can you have at Phidias Prop Firm?
Five funded Cash Premium, five funded Cash Fundamental and five Express accounts, counted per person, per company and per internet connection. Evaluation accounts are unlimited. Only one live account is permitted at a time, and reaching it closes the challenge route you came through.
What platforms does Phidias Prop Firm support?
Ten: Rtrader Pro, NinjaTrader, Tradovate, DeepCharts, Sierra Chart, Quantower, ATAS, Bookmap, MotiveWave and TradingView. Data runs through Rithmic for CME products and dxFeed for Eurex, so most Rithmic-compatible platforms will connect. Quantower and DeepCharts both have usable free tiers, and DeepCharts runs in the browser.
What instruments can you trade at Phidias Prop Firm?
All four CME group exchanges — CME, CBOT, NYMEX and COMEX — covering equity index, interest rates, currencies, micro Bitcoin and Ethereum futures, energy, metals and agriculture, in both mini and micro size. Eurex is added on the dxFeed and Tradovate route, bringing DAX, Mini-DAX, Micro-DAX, EURO STOXX 50, the German yield curve and VSTOXX. You must trade the front, highest-volume contract, and Treasury traders have to email support to have CBOT data switched on.
Does Phidias Prop Firm charge for market data?
Top-of-book CME data is free to non-professional traders throughout the evaluation. Level 2 depth is an optional add-on billed in euros — €11 a month per exchange or €33 a month for all four — purchased from the Addons tab of your member area.
What is the 10K Drawdown Challenge?
A monthly ranked competition rather than a funding route. Thirty dollars buys a $10,000 account with a trailing $10,000 end-of-day drawdown, which in practice cannot be breached, so you are competing on total profit. Twenty-five minis or 250 micros, overnight and weekend holding allowed, unlimited simultaneous entries with your best account counted. The top ten split $24,000 into the Phidias Wallet, led by $12,000 for first place, and everyone below that still leaves with a discount code or a free Fundamental 50K.
Is there a discount code for Phidias Prop Firm?
Yes — code GUIDE is applied to the prices shown in the table on this page, across every program and size.
Does Phidias Prop Firm refund fees?
No. Phidias states that all subscriptions are final, with no returns, refunds or exchanges, and that not using a service you paid for does not entitle you to money back. Monthly subscriptions renew automatically unless cancelled before the term ends, and a chargeback results in immediate deactivation and a permanent ban on the username.
What is the inactivity rule at Phidias Prop Firm?
Phidias does not publish one. There is no stated minimum time between trades and no dormancy threshold in the rulebook, which is unusual for the category — most futures firms close an account after a set number of idle days.
Which countries are restricted by Phidias Prop Firm?
Fifty-nine, and Phidias says the list is not exhaustive and can change. It covers much of the Balkans and Eastern Europe including Bulgaria, Croatia, Romania, Russia, Serbia and Slovenia, a large part of Africa, and Indonesia, Pakistan, the Philippines and Sri Lanka in Asia. Malta and Mauritius are on it too. The full list is in the Rules tab on this page. Canada is not restricted, but a live account there runs on Tradovate or NinjaTrader for Ontario residents only and through Dorman Trading everywhere else.
What happens if you break a Phidias Prop Firm rule?
It depends on which rule. Missing the session-close deadline on Fundamental or Express disqualifies the account outright. For the risk rules, Phidias describes a graduated response — removing conflicting positions, rebalancing the account, cutting your contracts, or closing it entirely and ending the relationship — applied to intentional or repeated non-compliance rather than a single mistake.
What is the cheapest Phidias Prop Firm account?
The 10K Drawdown Challenge at $30.00, though it is a prize competition rather than a funding route. The cheapest actual funding route is the Express to Live 25K at $44.00 with code GUIDE, plus an $83 activation fee once you pass.
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